ING savings accounts

4.5
Based on 2,148 ING savings account product reviews.
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Last updated

ING is one of the bigger banks operating in Australia, offering a range of banking products including savings accounts, home loans, and superannuation. Among its savings products, ING offers the Savings Maximiser, Savings Accelerator, as well as term deposits to help customers reach their financial goals. 

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Editor's Review: ING Savings Maximiser

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Savings Maximiser

Standard rate
0.55 % p.a.
(for $0 and over)
Maximum rate
5.50 % p.a.
(for $0 to $100,000)
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
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  • High variable interest rate of up to 5.50% p.a.

  • No monthly account fees

  • Unlimited free transactions

  • Easy to link with an Orange Everyday transaction account

  • Bonus interest rate subject to meeting monthly criteria

  • Highest interest rate limited to balances up to $100,000

Our verdict

ING's Savings Maximiser account has one of the highest rates we track at 5.50% p.a. The account offers a base rate of 0.55% p.a., with an additional variable rate of 4.95% p.a. available for eligible accounts. To earn the bonus interest, customers need to meet monthly criteria:

1. Deposit at least $1,000 from an external source into any personal ING account.

2. Make 5 or more settled (not pending) eligible card purchases.

3. Grow the Savings Maximiser account balance (excluding interest earned for the current month).

It's worth noting that the highest interest rate applies to balances up to $100,000 on one nominated Savings Maximiser account. While this cap might be a drawback for some high-balance savers, it’s still high enough to offer value to most savers.

The requirement to open an Orange Everyday account alongside the Savings Maximiser might be seen as an extra step, but it can provide more flexibility in managing your finances. The Orange Everyday account itself comes with benefits like no monthly fees and rebates on international ATM withdrawal fees which could be helpful for savers.

Overall, the ING Savings Maximiser could be an excellent choice for savers who can consistently meet the monthly criteria and are looking to maximise their interest earnings.

Where do I get it? You can apply for an ING Savings Maximiser account online through the ING website.
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more savings accounts here.
Last updated 2 November 2024 Important disclosures

ING savings accounts

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ING savings account ratings

Overall customer rating for ING savings accounts

4.5
Based on 2,148 product reviews.

Customer reviews

Important disclosures

ING products

FAQs

Is ING safe?

Yes, ING is a secure banking option in Australia. As an Authorised Deposit-taking Institution (ADI), deposits up to $250,000 are protected by the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.

How do I earn the highest interest rate on my Savings Maximiser account?

To earn the highest interest rate of 5.50% p.a., you need to:

  1. Open both a Savings Maximiser and an Orange Everyday account.
  2. Deposit at least $1,000 per month from an external source into any personal ING account in your name.
  3. Make 5 or more settled card purchases using your ING debit or credit card.
  4. Grow your Savings Maximiser balance each month (excluding interest).
Can I have multiple Savings Maximiser accounts?

Yes, you can open multiple Savings Maximiser accounts. However, the highest interest rate (up to 5.50% p.a.) will only apply to one nominated account with a balance of up to $100,000 when you meet the eligibility criteria.

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